Forbes – GORDON G. CHANG – Apr 22, 2012
Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices. Go to story
excerpt from conversation, Toronto, June 17, 1976:
HARI-SAURI: The thing that came up when we were into doing the political thing a little bit, they were asking…, one of the major issues always in political battles is how would you control inflation, how would you solve the inflation problem?
PRABHUPADA: Inflation problem, I suggested, make gold coins as medium of exchange.
HARI-SAURI: That means that there’ll be the same…, it’ll have the same value all over the world.
PRABHUPADA: No question of value. Money has to be paid by real money-gold, silver. No paper.
HARI-SAURI: But whether it’s gold or paper, isn’t it all just representative of…
PRABHUPADA: No, medium of exchange.
PRABHUPADA: If I have to pay you, if you don’t accept paper, then I’ll have to give you gold or silver, and international exchange is going on. Then there is no inflation, because you’ll not accept paper, so what is the use of printing notes? They are printing notes without any gold reserve.
HARI-SAURI: Nothing. It’s just imaginary wealth.
PRABHUPADA: That’s it. Bank will give you loan, they are eager to give you loan, and you haven’t got to pay anything in gold and silver. One check, that’s all. And with that check you can purchase lots of commodities and hoard it, and price will be increased. If I have to pay gold for (indistinct), then I have limited source. The price will not increase. This is the only way. Introduce gold only, gold and silver.